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Daily Markets Briefing: STI down 0.9%

Expect more losses today.

According to OCBC, fresh weakness on Wall Street overnight could continue to weigh on local sentiment; the Nikkei has tumbled 2.5% in early trade.

Here's more from OCBC:

With the convincing breach of the key 2600, the STI is likely to resume its slide towards 2521 or even 2500; while we may still see some technical rebounds along the way, the market may continue to adopt a “selling into strength” approach.

As before, a much firmer support is likely to be found around 2424.

On the upside, we peg 2600 as the initial resistance ahead of the key 2650 level.

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